GDP growth reaches 4.48% in three months

Vietnam’s GDP in the first quarter of 2021 is estimated to rise 4.48%.


GSO reported that the agro-forestry-fishery sector grew 3.16%, contributing 8.34% to the overall GDP growth, while industry and construction rose 6.3%, and service sector increased 3.34%, contributing 55.96% and 35.7% to the total growth, respectively.

The agriculture, forestry and fishery sector in the first quarter recorded high growth compared to the same period last year due to good rice productivity, perennial crop output, good control of African swine fever, and live meat production increase.

In the industry and construction sector, growth of industry increased by 6.5% in the three months, higher than the 5.1% in the first quarter of 2020 but much lower than 10.45% in the first quarter of 2018 and 9% in the first quarter of 2019, contributing 2.2 percentage points to the growth rate of the total added value of the whole economy.

The processing and manufacturing industry continued to play a leading role in the growth of the economy with an increase of 9.45%, contributing 2.37 percentage points.

Thanks to the good control of the COVID-19 pandemic and the optimization of free trade agreements, the service sector enjoyed positive signs. The growth of wholesale and retail was 6.45%, while that of the finance-banking and insurance sector was 7.35%.

However, the transportation and warehouse sector and accommodation-catering services still saw decreases of 2.17% and 4.49%, respectively.

In terms of economic structure, in the first quarter, contributions from the agro-forestry-fishery sector was 11.71%, while that of industry-construction was 36.45%; services, 42.2%; and product taxes less subsidies on production, 9.64 %./.


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